Ampere Vehicles acquires 74% stake in e-rickshaw firm Bestway
Through this acquisition, Ampere aims to expands its presence in the e-Rickshaw segment to become an integrated last-mile e-mobility player.
Greaves Cotton-owned electric two-wheeler maker Ampere Vehicles has acquired 74 per cent stake in Noida based electric three-wheeler maker Bestway Agencies for $930,000. Through this acquisition, Ampere aims to expands its presence in the e-Rickshaw segment to become an integrated last-mile e-mobility player.
Ampere will acquire the remaining 26 per cent in April 2021 based on the fair value of Bestway at the end of the current fiscal year.
In addition to the B2C segment, with this acquisition, Ampere will also be able to offer a complete product portfolio to its B2B customers who have requirements for E-3W as well for both people and cargo mobility, Ampere said.
Nagesh Basavanhalli, MD and CEO of Greaves Cotton Ltd and Director, Ampere Vehicles, said: “The acquisition will strengthen Ampere’s relationship with the Indian consumer by adding last-mile mobility products and services for the uninterrupted journey, enhancing productivity across E-2W & E-3W spectrum. Combining Ampere’s and Bestway’s expertise will help in further boosting the company’s growth and strengthen market positioning as a leading E-Mobility business in India.”